Kashagan Group Should Cut Costs By $3B - KazMunaiGas

Kazakh state oil and gas company KazMunaiGas said Friday it has proposed that the consortium developing Kazakhstan's largest oil field Kashagan, in which it is involved, cuts costs by about $3 billion in 2010.

The company's press service said the North Caspian Operating Co., which develops the giant Kashagan field in the Kazakh part of the Caspian Sea, had originally planned to spend about $10.4 billion this year. A spokesperson told Dow Jones Newswires that the planned expenditures were preliminary figures.